2015 Second Quarter Financial & Operating Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 08/12/15 -- Pan Orient Energy Corp. ("Pan Orient") (TSX VENTURE: POE) reports its 2015 second quarter consolidated financial and operating results. Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day.
The Corporation is today filing its unaudited consolidated financial statements as at and for the six months ended June 30, 2015 and related management's discussion and analysis with Canadian securities regulatory authorities. Copies of these documents may be obtained online at or the Corporation's website, .
Commenting today on Pan Orient's second quarter 2015 results, President and CEO Jeff Chisholm stated: "In the second quarter Pan Orient received the necessary Government of Indonesia approvals to complete the East Jabung farmout and received the upfront $9.8 million cash payment, further strengthening the Company's balance sheet with working capital and deposits of $86.9 million, mainly held in United States dollars, and zero debt at a time of weak oil prices and in stark contrast to many of our peers. The third quarter will be focused on increasing production in Concession L53 in Thailand where two workovers are currently underway, and drilling in Indonesia of the Akeh-1 exploration well in the 77% Pan Orient held and operated Batu Gajah PSC."
HIGHLIGHTS FOR THE FIRST HALF OF 2015
2015 SECOND QUARTER OPERATING RESULTS
OUTLOOK
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand, Indonesia and in Western Canada.
This news release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this news release includes, but is not limited to, references to: well drilling programs and drilling plans, estimates of reserves and potentially recoverable resources, and information on future production and project start-ups. By their very nature, the forward-looking statements contained in this news release require Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. The forward-looking information contained in this news release is subject to known and unknown risks and uncertainties and other factors, which could cause actual results, expectations, achievements or performance to differ materially, including without limitation: imprecision of reserve estimates and estimates of recoverable quantities of oil, changes in project schedules, operating and reservoir performance, the effects of weather and climate change, the results of exploration and development drilling and related activities, demand for oil and gas, commercial negotiations, other technical and economic factors or revisions and other factors, many of which are beyond the control of Pan Orient. Although Pan Orient believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Pan Orient Energy Corp.
Jeff Chisholm, President and CEO
(located in Bangkok, Thailand)
Pan Orient Energy Corp.
Bill Ostlund, Vice President Finance and CFO
(403) 294-1770
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Unternehmensinformation / Kurzprofil:
Datum: 12.08.2015 - 12:30 Uhr
Sprache: Deutsch
News-ID 413159
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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